Bitcoin: Bulls Can Still Take Control (November 2019)
- 5 years ago
Bitcoin: Bulls Can Still Take Control (November 2019)
Bitcoin declined below $7,000 and it appears to be bearish on surface but I think the market could rally higher from here. The price has just found support on the 61.8% fib extension level and as we can see it has already started to move up. If BTC/USD ends up rallying higher from here, then the probability of a move towards higher levels in the near future would increase significantly. The recent crash is a lot similar to what we have seen before. The price crashed in one big candle which was then followed by a reversal attempt which failed and then further downside. After that it started to recover temporarily just like it has now.
Bitcoin declined below $7,000 and it appears to be bearish on surface but I think the market could rally higher from here. The price has just found support on the 61.8% fib extension level and as we can see it has already started to move up. If BTC/USD ends up rallying higher from here, then the probability of a move towards higher levels in the near future would increase significantly. The recent crash is a lot similar to what we have seen before. The price crashed in one big candle which was then followed by a reversal attempt which failed and then further downside. After that it started to recover temporarily just like it has now.